Reserve Bank of India Governor Patel resigns amid rift with the government

The Reserve Bank of India (RBI) Governor Urjit Patel said he will resign from his post citing "personal reasons" in the middle of his 5-year long term.

The RBI Governor Patel is resigning amid a reported rift between the Bank and Prime Minister Narendra Modi.

With the news breaking out after the main trading session, there was no immediate market reaction to India's rupee (INR) of the foreign exchange market, but the news of the RBI Governor stepping down are expected to have a negative impact on INR as the government's attempts to undermine the central bank's independence are known.